Peter Jackson Planning on Directing 'The Hobbit' Films

Jackson is currently in negotiations with Warner Bros, MGM and New Line to step in as del Toro’s replacement for the film. If the negotiations work out, it would be a dream come true for "Lord of the Rings" fans who have been clamoring for the Academy Award-winning director to pick up the reins of his beloved franchise again.

If Jackson goes along with the deal, filming can begin by the end of the year so the release dates can be met. The first part of "The Hobbit" is scheduled to come out in December 2012, the second a year later.

As interesting as it would've been to see a new director take the journey to Middle-Earth, it's very comforting to know that a director who has already proven his skills and passion in adapting J.R.R. Tolkien's literary masterpieces is at the helm. And its been years since "Return of the King," so Jackson may have tweaked some of his film-making techniques. Besides, the man needs a big comeback after "The Lovely Bones."

Delays - which led to del Toro's exit - have been blamed on co-financier MGM's search for a new owner so it can offload $3.7 billion debts. As a result, "The Hobbit" hasn't yet been officially greenlit.

Are you excited that Peter Jackson might be returning to the "Lord of the Rings" franchise?